Tuesday, July 5, 2011

Trade Guideline For Wednesday (Nasdaq NQ)

Tuesday was a narrow-range consolidation day. Key level to watch for on Wednesday is 2370.
  • Above 2370 implies short-covering rally is resuming. A sustained break above 31-May swing high 2375 may trigger a burst of short-covering activities.
  • Below 2370 implies more consolidation, targeting a move down to 2350 - 2355